Al Omani, an SAOG company based in Muscat, has recently become a listed company. Al Omani Co is required to comply with corporate governance principles in order to maintain its listed status; hence the finance director has undertaken a review of compliance with corporate governance regulations. Board composition Mr. Anwar al harthy is the chairman of Alomani Co and is also the chief executive officer. Alomani Co's board of directors comprises six members, two of which are independent non-executive directors and remaining all are executive directors. Mr.Anwar al harthy is considering appointing one of his close friends as a non-executive director and his younger brother Mr.Masoud al barthy as finance director of Al Omani company. Directors' remuneration All the board members' salaries are set by Mr. Mr.Anwar al harthy and are based upon his own assessment of performance of the directors. Audit committee and Internal audit Department The company does not have an audit committee or an internal audit department. The two non executive directors of Alomani company recommended to set up an audit committee, however, Mr.Anwar al harthy rejected the proposal and claiming that there is no benefit for setting up an audit committee and Internal audit Department. Remuneration committee and Nomination committee The company does not have a remuneration and nomination committees. The two non executive directors of Alomani company recommended to set up a Remuneration committee and Nomination committee however, Mr.Anwar al harthy rejected the proposal and claiming that there is no benefit for setting up a Remuneration committee and Nomination committee. In respect of the corporate governance of Al Omani SAOG Company, () Identify and explain any four corporate governance weaknesses in Al Omani Company. (4 Marks) You are required to provide a recommendation to address each weakness you have identified in Al Omani Company. (4 Marks) (iii) Do you think the two proposals given by the non-executive directors regarding to set up an audit committee and remuneration and nomination committee is an important corporate governance requirement. Yes/No justify your answer. (1 Marks) (iv) You are required to discuss in detail the role, objective and benefits of having an audit committee in a listed company like Al Omani. (2 Marks) (v) You are required to explain in detail the benefits of having an internal audit department in a listed company like Al Omani. (2 Marks) (vi) You are also required to discuss in detail the role, objective and benefits of having a Remuneration committee and Nomination committee in a listed company like Al Omani. (2 Marks)